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Are there any guidelines as to the length of time of keeping tax records?
The general one is to retain tax records within three years of filing date. Nonetheless, this is subject to six years provided that there is underreporting of income, and seven years in case of a loss. Companies ought to retain the payroll and financial information of at least four years. Critical legal or property copies ought to be stored permanently. Having a copy in paper and a digital version is a way of having access and guard against loss of data. Observing such schedules is a way of ensuring that people and businesses are always on schedule and in good standing when it comes to any audit or financial examination by the IRS. How Long Keep Tax Records